Wells Fargo Bank and Citibank have signed a definitive agreement for the former to acquire the account relationships of Citibank's customer households in six northern Nevada and two California Sierra Foothills communities, including approximately $500 million in deposits and $60 million in loans.
Wells Fargo said that the acquisition will further strengthen its deposit market share in northern Nevada. Terms of the proposed transaction were not disclosed.
The transaction, which requires the approval of banking regulators, is expected to be completed in the third quarter of 2008.
Kirk Clausen, regional banking president for Nevada at Wells Fargo, said: With this acquisition, we have the privilege of welcoming new customers to Wells Fargo, so we can satisfy all their financial needs, help them succeed financially, and our goal is to make the transition to Wells Fargo for these customers as smooth and easy for them as possible.